A conventional drill bit 1 is disclosed in FIG. 18, and is generally made from alloy steel or high speed steel which is hard and is difficult to be cut. Thus, drill bit 1 is expensive. For a drill bit 1 with an outer diameter of 16 mm, it costs 100 U.S. dollars. This kind of drill bit 1 can be used in a universal machine to drill, cut, mill and/or groove. Nevertheless, the conventional drill bit 1 includes the following shortcomings which are:
1. The conventional drill bit 1 is made in one piece and expensive, although it performs different functions and reduces times of replacement of the drill bits.
2. Once there is a crack or damage, a special grinding machine is needed to grind the drill bit. This is a time-consuming job.
3. The drill bit has to be centered again after it is ground or disengaged from the machine. This takes considerable time.
4. The drill bit has to be discarded if it is worn too much and the length of the drill bit is too short.
The present invention intends to provide a multi-function milling cutter that includes a receiving portion for connecting a disposable cutter having edges and a nose that are able to perform different functions.